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How Sales Enablement Can Turbocharge Productivity in Commercial Banks

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Commercial banking plays a vital role in meeting the financial requirements of businesses and large enterprises. Sales enablement in this sector is highly complex, primarily because of the intricate nature of the services and the need to personalize solutions based on each client’s unique requirements. Relationship building takes center stage owing to the longer sales cycles and the establishment of long-term partnerships between clients and financial institutions.

Complexities in commercial banking sales :-

As per McKinsey’s article, a commercial banking customer today expects banks and other financial institutions to have a wide array of products and services curated for them. Banks & FIs will likely have the capability and industry-specific expertise to work with clients across their global supply chain and help them tackle new challenges.

  1. Client Segmentation & Hierarchy :
    Commercial banking clients usually are corporates, MNCs or other large organizations with multiple branches at different locations. This could mean each vertical or branch being mapped to different relationship managers within the financial institution. Vymo delivers an aggregated Account 360 view for all clients with their organizational hierarchy and individual contact details, providing a single truth source for all relationship managers and other stakeholders.
  2. Product Complexity & Opportunities :
    Commercial banking products require higher customization and personalization of solutions that can address the intricate financial needs of large corporations. Vymo for commercial banking provides relationship managers with cross-sell & upsell opportunities for existing accounts to improve their product offerings and banking experience.
  3. Relationship Management :
    To handle long-term relationships, continuous nurturing and personalized support are required. With the client engagement, purchase, payment history available and role-based access controls, Vymo ensures smooth activity planning for relationship managers based on historical client data.
  4. Sales Training and Upskilling :
    Commercial banking sales teams need extensive training on industry-specific regulations, markets and complex financial structures to pitch equally complex financial products and understand the finer details of client requirements. The need for employee upskilling and a learning management platform is much higher in commercial banking as compared to its retail counterparts.

Due to the unique characteristics of commercial banking, sales enablement requires a tailored approach. Vymo offers an array of ML-powered sales transformation tools for all banking and lending lines of businesses. Vymo has been deployed across multiple lines of business, including assets, payments, and liabilities in major banks and financial institutions globally, such as HDFC bank, ICICI bank, UTI mutual funds, and many more. By understanding and embracing these distinctions, Vymo optimizes the sales enablement strategies of banks and other FIs and drives success in all banking sectors.

 

For more details, do reach out to us.

Sreenivas Gattu

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Sreenivas is a product marketer orchestrating product success through innovative positioning, sales enablement, and cross-functional collaboration. Outside of work, he can be found playing sports, engaging in gaming, or learning to play a new musical instrument.

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